South Korean majors in hardware, software, and financing including LG Electronics, Kakao Entertainment and Shinhan Financial Group have launched a 91.1 billion won ($66.9 million) worth fund to groom Korean contents.

LG Electronics, LG Uplus, Kakao Entertainment, Shinhan Financial Group, Barunson Entertainment & Arts, and Barunson joined the fund to nurture the country’s content business and build industry ecosystem, the fund operator and Seoul-based venture capital firm Penture Invest announced Wednesday.

The fund will focus on project investment for media contents like films and series. A new type of investment structure will be established to return the value of content to the creator through joint ownership of intellectual property rights.

“Invested content will not be subject to specific media or platform and thus, we’ll be able to maximize the revenue by making them into worldwide theaters or selling the broadcasting rights for the entire world,” said an official from Penture Invest.

By Ko Deuk-gwan and Lee Ha-yeon

By KoDeuk-gwanandLeeHa-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]